Driving Bearing Steel Market Growth in 2025: The Role of Rising Automotive Industry Fuels Growth In The Bearing Steel Market

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Bearing Steel Market Size Growth Forecast: What to Expect by 2025?
The size of the bearing steel market has been increasing consistently over the past few years. Estimated at $6.71 billion in the year 2024, it is expected to escalate to $6.96 billion in 2025, displaying a compound annual growth rate (CAGR) of 3.8%. The upward trend during the historic period is credited to the expansion of different industrial sectors, a surge in need for electric vehicles (evs), heightened demand in the mining and construction industries, infrastructure enhancements, and the rise in automation.

How Will the Bearing Steel Market Size Evolve and Grow by 2029?
Over the coming years, a consistent expansion is forecasted for the bearing steel market, with an anticipated valuation of $8.15 billion by 2029 and a projected CAGR of 4.0%. This predicted growth during the forecast period is largely attributed to several factors: the escalating demand within the aerospace and automotive industries, increased investment in research and development, and a rising demand for superior products and stainless steel. Notable trends that will characterize the forecast period include advancements in metallurgy, digitization of supply chains, ceramic bearing developments, miniaturization, and the introduction of sustainable steel materials.

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What Drivers Are Propelling the Growth of Bearing Steel Market Forward?
The anticipated expansion of the automotive sector is set to boost the bearing steel industry's growth. The automotive market involves a diverse range of organizations committed to the design, fabrication, marketing, and sale of automobiles. Bearing steel, being lightweight yet robust, is critical in reducing the weight of vehicles. By providing lowered friction, resisting corrosion, and possessing durability, it becomes an indispensable component in the automotive sector. According to a recent report by the International Organization of Motor Vehicle Manufacturers located in France, sales of passenger vehicles worldwide rose from 56.43 million in 2021 to 57.48 million in 2022. This uptrend in the automotive industry is thus fuelling the expansion of the bearing steel market. The bearing steel market's anticipated growth is linked to an increase in manufacturing operations. Manufacturing, which involves converting raw materials or parts into finished goods through labor, machinery, and chemical processing, utilizes bearing steel extensively due to its superior properties like high hardness, wear resistance, and fatigue strength. These are essential where precision, durability, and performance are key. For instance, Statistics Canada, a government agency in Canada, reported in February 2023 that the Canadian manufacturing industry saw substantial growth, with total sales soaring by 17.9% to hit $850.9 billion in 2022. The upswing in manufacturing activities is therefore triggering the bearing steel market's expansion.

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Which Emerging Trends Are Transforming the Bearing Steel Market in 2025?
Major firms in the bearing steel market are focusing on product innovation, like the spindle bearing, to maintain their market dominance. The spindle bearing is a unique type of bearing designed to support the rotation of spindles in machinery, providing high precision, rigidity, and load-bearing capability for applications including turning, milling, and grinding processes. For example, Schaeffler, a German company with a specialty in cutting-edge bearing technology solutions, launched its high-precision cylindrical roller bearings in September 2023. These bearings were intended to enhance performance in high-load settings like machinery main spindles. They possess an advanced PEEK-made cage construction to decrease friction and wear, leading to improved lubrication and lower operating temperatures. The innovative design aids in efficient oil distribution, thereby boosting the dependability of non-locating bearing functions at high velocities. Moreover, the hybrid variations of Schaeffler incorporate ceramic rollers, reducing friction further and prolonging spindles and machinery life. This makes them suited for an expanded range of precision engineering applications.

What Are the Key Segments in the Bearing Steel Market?
The bearing steel market covered in this report is segmented -

1) By Product Type: High Carbon Chromium, Carburizing, High Temperature, Other Products
2) By Application: Ball Bearings, Roller Bearings, Thrust Bearings, Plain Bearings, Other Applications
3) By End Use: Automotive, Aerospace, Machinery And Equipment, Energy, Construction, Other End Uses

Subsegments:
1) By High Carbon Chromium: 100Cr6 (AISI 52100), 440C Stainless Steel
2) By Carburizing: 8620 Steel, 9310 Steel
3) By High Temperature: M50 Steel, M42 Steel
4) By Other Products: Stainless Steel Bearings, Alloy Steel Bearings, Ceramic Bearings

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Who Are the Key Players Shaping the Bearing Steel Market's Competitive Landscape?
Major companies operating in the bearing steel market are China Baowu Steel Group Corp. Ltd., Nippon Steel Corporation, Shanghai Xincheng Precision Machinery Co. Ltd., Tata Steel Limited, HBIS Group Co. Ltd., Schaeffler Technologies AG & Co. KG, Kobe Steel Ltd., JTEKT Corporation, MinebeaMitsumi Inc., Nanjing Iron and Steel Co. Ltd., AB SKF, NSK Ltd., NTN Corporation, The Timken Company, Saarstahl AG, Daido Steel Co. Ltd., Wafangdian Guangyang Bearing Group Co. Ltd., Nachi-Fujikoshi Corp., Fushun Special Steel Co. Ltd., National Engineering Industries Ltd., Jiangsu Suzhou Steel Group Co. Ltd., Fujian Longxi Bearing(Group) Corp. Ltd., EZM Edelstahlzieherei Mark GmbH, Luoyang LYC Bearing Co. Ltd., Dongil Industries Co. Ltd., HKT Bearings Limited, RKB Europe SA, Del-Tron Precision Inc., THB Bearings Co. Ltd., Harbin Bearing Manufacturing Co. Ltd.

What Geographic Markets Are Powering Growth in the Bearing Steel Market?
Asia-Pacific was the largest region in the bearing steel market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in bearing steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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